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Nakheel says Deira Islands investment tops $2bn after marinas deal

Developer awards contract to build six marinas at project which will add 21km of beach to Dubai coastline

Master developer Nakheel said it has now invested more than AED7.5 billion ($2 billion) in infrastructure and construction at Deira Islands after signing a contract for AED165 million deal to build six marinas.

By Staff writer

Thu 12 Oct 2017 01:08 PM

Master developer Nakheel said it has now invested more than AED7.5 billion ($2 billion) in infrastructure and construction at Deira Islands after signing a contract for AED165 million deal to build six marinas.

Nakheel said in a statement that it has appointed UAE-based APCC Piling and Contracting to construct the marinas, which will accommodate a total of 614 boats and yachts up to 60 metres long.

Construction will begin in the fourth quarter of 2017, with phased delivery over two years, the developer added.

In August, Nakheel confirmed new contracts worth AED430 for Deira Islands, and in April announced a contract for AED4.2 billion to build Deira Mall, located at the heart of the development.

Nakheel chairman Ali Rashid Lootah said: “We are investing billions of dirhams to deliver Deira Islands and transform Dubai’s Deira district into a world class hub for tourism, retail, leisure and entertainment.

“Our new coastal city, being developed in line with the Government of Dubai’s vision for 2021, paves the way for hundreds of hotels, residences and attractions, many of which we are developing ourselves under our business diversification strategy.”

Deira Islands, which will have a population of 250,000 and create 80,000 jobs, will add 40km, including 21km of beach, to Dubai’s coastline.